It is reported that Kakao, the largest message sending application in Korea, plans to launch its own cryptocurrency wallet “Clip” in the first half of 2020. It will be released by their subsidiary (GroundX) which created the Klaytn blockchain.
Bae Sangeon – the product director of Clip, who previously worked for Samsung and Microsoft in Korea, presented the roadmap of the new cryptocurrency wallet at the Klaytn management board summit on November 28, stressing that the product is designed to serve all types of users.
He also added that the original Kakao Clip cryptocurrency wallet was planned to be released in the second half of 2019, but the start was postponed due to the instability of the service.
The development of the crypto wallet by Kakao and GroundX took place after Samsung integrated the Blockchain Wallet into its flagship Galaxy S10 device.
In August 2019, GroundX became a strategic partner of Shinhan Bank, the second largest commercial bank in South Korea, to develop a blockchain key storage system – a technology that is used to manage a wallet.
By 2020, the three dominant conglomerates Samsung, Shinhan and Kakao are likely to use their own cryptocurrency wallets, creating a more practical environment for accepting cryptocurrencies.
In the long run, given the active participation of large conglomerates in the blockchain sector in South Korea, it is expected that key players in each industry will collaborate on services related to digital currencies and blockchain.
For example, earlier this month, electronics maker LG partnered with Kakao and Klaytn to link both blockchain ecosystems in a project that LG itself called an “interchain project.”